The 2020 Mid-Year Economic Update_long

Webco Sales Down 4.3% in Fiscal 1Q

Profit increased to $0.7 million for the quarter.

Webco Industries Inc. (OTC: WEBC), Sand Springs, OK, reported sales for the fiscal first quarter of $88.3 million, a 4.3 percent decrease over the same period a year ago. Profit was $0.7 million, compared to a loss of $1.2 million the prior year.

“We did better this quarter, much as a result of not having to deal with high cost steel in this lower demand environment. Volumes are still low and the industrial and energy-related economies are sluggish at best," said CEO Dana S. Weber. "Most tubing manufacturers continue to struggle in light of low oil prices, commodity volatility, a strong U.S. dollar, foreign competition and general lackluster demand."

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